In 2019, Hyundai Motor established Hyundai Hydrogen Mobility (HHM), a joint venture with Swiss company H2 Energy, which will lease trucks to commercial truck operators on a pay-per-use basis, meaning no upfront investment for commercial trucks. Fleet customers.
Hyundai chose Switzerland as the starting point for its business venture for various reasons. One reason is the Swiss LSVA road tax on commercial vehicles, which does not apply to zero-emission trucks. This is roughly equivalent to the transportation costs per kilometer of a fuel cell truck compared to a regular diesel truck.
Hyundai’s business case involves using purely clean hydrogen generated from hydropower. To truly reduce carbon emissions, all trucks must run on green hydrogen only. Switzerland is the country with one of the highest shares of hydropower in the world and can therefore provide enough green energy to produce hydrogen. Once the project starts in Switzerland, Hyundai plans to expand it to other European countries as well.
